Do you have plans to purchase a house this spring? Even though the current real estate market is not as heavily skewed in favor of sellers as it was during the peak of the pandemic, it is still considered a sellers’ market. Therefore, if you come across a home that you wish to purchase, keep these four suggestions in mind to ensure that you make your most competitive offer.
1. Lean on a Real Estate Professional
It is important to have a reliable agent who can help you achieve your objectives. As stated by Bankrate:
“. . . select the best real estate agent for your needs. They will be a critical part of your home buying process.” Agents possess a deep understanding of the local real estate market. They are familiar with what worked for previous buyers in your area, as well as what sellers might expect in an offer. While it may appear basic, tailoring your offer to meet the seller’s needs can make your offer more appealing.
2. Know Your Budget
In the present climate, comprehending your budget is particularly crucial. Sandy Higgins, a Senior Wealth Advisor at Capstone Financial Advisors, emphasizes the significance of this by stating: “Understand your current budget … what are your expenses, how’s your spending, would you need to make changes?” Working with a lender to obtain pre-approval for a loan is the most effective method to grasp your finances. It can instill you with greater financial certainty and demonstrate to sellers that you are committed to the purchase. This can give you an advantage over other potential buyers.
3. Think Through Everything Before Making an Offer
The current real estate market is not as frenzied as it was during the pandemic, so you may have more time to contemplate before making an offer. According to Danielle Hale, Chief Economist at realtor.com:
“In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.”
While it is still crucial to keep abreast of the market and be prepared to act promptly, there may be more flexibility available now. Rely on your agent’s advice as you explore your market alternatives.
4. Work with Your Advisor To Negotiate
During the pandemic, some buyers would forego home inspections or concessions from sellers in order to submit the winning bid on a home. Fortunately, today’s market is distinct, and you may have more leverage than previously. When creating an offer, your trusted real estate advisor can assist you in determining which tactics to utilize.
Bottom Line
When you buy a home this spring, let’s connect so you have the guidance to make your best offer. Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area. www.kayahomesny.com
Fri, 10 Mar 2023 22:06:07 +0000
